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Hyundai Elantra Lease Questions

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  • "Bump"
    Anyone??
    Thanks!
  • ckop27ckop27 Posts: 4
    So I was just quoted a staggering 68% on the residual value on a 36 month lease on the 2011 Elantra. They said that this was by far the highest residual any car of theirs has ever seen. Just wondering what other people were hearing at there dealers since this dealer was not local for me!
  • I just got 69% residual value from a quote today. I am going tomorrow morning to find out more information on the deal. The deal I am getting on a 2011 GLS (with sunroof installed aftermarket) is 243.77 month including tax and no money down. It is for 36 months and 12,000 miles year. I emailed another dealership in the area and they informed me they can beat that deal. So I will be heading there and posting what I find out.
  • Here is what I got for the Elantra GLS w/sunroof and tinted windows *woohoo*

    I'm just gonna list stuff that looks important on the paper

    Vehicle Value 17,213.00
    Title and Registration 17.00
    Lease ACQ Fee 595.00
    Documentation Fee 99.00
    Sunroof and Tint 1,477.00
    -----------------------------------------------------
    Gross Capitalized Costs 19,419.00

    No money down so Gross = Adjusted Capitalized Costs

    Adj Capitalized Costs 19,419.00
    Residual Value 12,173.70
    Depreciation and Amortized Amounts 7,245.30
    Rent Charge 1,114.62
    Total of Base Payments 8,359.92

    Payment of 244.99 includes tax. First payment paid today. Lease is for 36 months, and 36,000 miles.

    I hope this helps some people out. I hope some people can beat this deal but that is as far as they would go here in Omaha, Ne. I know there will be better lease deals down the road for this car as the inventories pile up. I probably should have waited two or three more months but I do like this ride alot.

    Some questions real quick if someone could help me out.

    The residual value would be 12,173.70/19,419.00 = 63%

    Is this the correct way to figure that number out?

    Also the Rent Charge of 1,114.62 Is that basically the "interest" you pay?

    Thanks for the help.
  • kyfdx@Edmundskyfdx@Edmunds Posts: 25,914
    Residual is a percentage of MSRP, not the CAP cost..

    And, yes.. the rent charge is the finance portion of the lease....

    Moderator - Prices Paid, Lease Questions, SUVs

  • ckop27ckop27 Posts: 4
    megatron81,

    The residual would be 65% for your deal since you would take your residual value and divide that by your MSRP (17,213.00 + 1,477.00). Also from what other people has mentioned, you should be able to negotiate at least $1,000 off cap on this car right now if you have multiple dealers in your area. Finally that rent rate seems pretty high. At a finance rate of .9% it would be only $450 and hyundai is known for having very low finance rates on their leases. Hopefully you can get a total end of month payment under $200 with zero down.

    Good Luck!
  • slee_stackslee_stack Posts: 28
    edited January 2011
    GLS Auto + Preferred Equipment Package. 36 mo, 15000 mi per year. Atlanta, GA.

    $1000 down
    $191/mo

    Based on 65% residual

    Good deal?
  • ckop27ckop27 Posts: 4
    Thats pretty much just paying market/MSRP price for the car (unless you have poor credit). You should at least try to knock off the $1000 down payment or try to bring your monthly payment down to $165 with $1000 down. This would mean you negotiated $1000 off MSRP which is doable even with the car being recently released.
  • slee_stackslee_stack Posts: 28
    edited January 2011
    I see how a lease could be in the $165/mo range with $1000 down as you mentioned.

    What % premium should I expect to pay for 3000mi extra mileage allowance?
  • Hi,

    I'm hoping to get some advice about leasing a '11 Elantra. The current deal Hyundai has going is $169 and $1699 due at signing for the GLS with automatic transmission. This seems like a good deal, but I'm wondering if there is room for negotiation even when a deal like this is going on. I see someone mentioned that you should be able to get $1000 off MSRP in an area with more than 1 dealer. I live in Atlalnta so that is certainly the case. Anyone know what I should expect in light of this dealer offer (or if I should expect anything at all)? Also, anyone in Atlanta have a recommendation for a quality dealership that is easy to work with?

    Thanks in advance!
  • Hello,

    I'm just looking for Money Factor and Percentage RV for a 2011 Elantra Limited. 36months @ 12000miles per year.

    Are the rates posted affected positively or negatively by credit score? Mine is high in the 700s.
  • Hi witeoutrules. Hyundai is currently only providing support on 24 month leases of the Elantra.

    Its January buy rate lease money factor and residual value for a 24 month lease of a 2011 Elantra Limited with 12,000 miles per year are .00106 and 62%, respectively.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • witeoutruleswiteoutrules Posts: 7
    edited January 2011
    Car_man,

    I am wondering why then Hyundai is promoting a 36 month lease on the 2011 Elantra on their website? (advertised through 1/31/11)

    The example model is a GLS w/ popular equipment... but they wouldn't offer 36 months on a GLS and only 24 months on a Limited would they?

    Others posted earlier in January they were receiving 36 month offers with high 60s% on their 2011 deals.

    BTW thank you for the fast response
  • I agree that in light of 36mo promo financing, you state Hyundai only offers 24 month. Might you have the term mixed up?
  • Its January buy rate lease money factor and residual value for a 24 month lease of a 2011 Elantra Limited with 12,000 miles per year are .00106 and 62%, respectively.

    With those numbers, $0 down, you're looking at $350 per month (based on a LIMITED with NAVI at a price of $21,000). Pretty nuts if you ask me.

    Someone please tell me I made a mistake in my calculations.
  • I really believe the term as posted is mixed up and should say 36months. For a vehicle receiving top honors in residual value from ALG.. it's 24 month residual would be way higher than 62%. Frankly, based on what others have posted from the deals they have worked, I think even that % is low for 36 months.

    Use that residual and money factor on a 36 month and it makes a ton more sense.

    Figure in the advertised $595 acquisition fee and you'd be around $289 tax included w/ $0 down.
  • Just got a quote of zero down and 35 payments for 275.10 including TN taxes - based on a 2011 Limited with a selling price of $19,800, MF of .00106 and a resdiual of 62%. This includes a ACQ fee of 595 and a doc fee of 399.50

    Thoughts?
  • that matches what Car_Man posted earlier this month.. so the big stuff MF & Residual look good. 595 acquisition is correct, so i'm guessing your doc fees are right on.. seems kosher!
  • Why is there a doc fee on top of an acquisition fee? Is this normal or simply padded dealer profit?
  • Good catch, witeoutrules. You're absolutely right. Hyundai's special lease program for the 2011 Elantra Touring is 24 months, but its program for the regular Elantra is 36 months. Sorry for the confusion. The money factors and residual values are the same, the term is just different.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
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